Accountability. Not really a word that makes you jump up and down with excitement and yet it is one of the primary benefits of working with a financial coach. Below are three reasons why.
First financial accountability will shift your focus to financial matters. If you have no financial accountability, while you may have good intention to accomplish some financial task it is very easy to keep postponing it. For example, you may have been saying (for the last year, 3yrs, decade...) you are going to get a handle on your cash flow and start saving for retirement. Inviting someone in to hold you accountable, shifts your focus to those financial matters so that you are taking the next step in pursuing your financial goals.
Second just the simple fact that you know someone will be asking you about your finances will change your financial behavior. You will pay more attention to both the amount you are spending and what you are spending your money on. The simple routine of having monthly accountability meetings with a financial coach could be all it takes to improve your financial margin.
Third financial accountability can help point out problem areas or threats before they come to fruition. For example, someone may point out- "Woah, you don't have any life insurance? That seems off. You should discuss that with an insurance agent." We can't see or know everything. Having another trusted perspective may help you catch problem areas sooner than you would have otherwise.
In my very biased opinion, I believe financial accountability can best be done working with a financial professional that has experience in personal finances. That said, even if all you did today was say I am going to start sharing my spending with a trusted close friend or family member each month I know you would experience at least some of the benefits of financial accountability. Consider inviting someone in to hold you financially accountable.
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